3231 Chicago RdSteger, IL 60475

Property Details for 3231 Chicago Rd

Year built

1976

Lot size

2.66 AC

Property type

Retail space

APN

32-33-325-036

APU

3233325036

Description

This 87,406 square foot vacant retail building presents a unique redevelopment opportunity in Steger, Illinois. Situated on a 2.75-acre lot in the Steger-Chicago Road TIF District, this single-story, 1980-built structure boasts B-1 zoning and excellent visibility along Chicago Road. The property features approximately 400 parking spaces, including 14 ADA-compliant spots, and benefits from a daily vehicle count exceeding 22,000. The building itself offers a 24-foot high exterior and interior ceiling heights ranging from 11 to 18 feet, along with multiple storage areas, two semi-truck docks, and a robust HVAC system comprising ten 10-15 ton rooftop units. Electrical service includes a 1200-amp, 277-480-volt, three-phase, four-wire main distribution panel with step-down transformers. The property also includes ADA-compliant common toilets, a comprehensive fire suppression system, and ample space for a variety of retail uses. Taxes have been significantly reduced to $134,000 and are projected to decrease further to $100,000. The property's location within a thriving commercial corridor, near numerous national retailers, and its proximity to major roadways (easy access to I-394 and I-94/90) make it an ideal investment. Detailed building schematics are available upon request. The property is currently vacant with an occupancy date of February 1, 2024. This redevelopment opportunity offers significant potential for investors seeking a high-traffic, well-located retail space in a growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $54,738,856

  6.5%

  $50,528,172

  7%

  $46,919,016

• Comparable approach

  Method

  Valuation

  Relative Method

  $38,032,012

  Geo Method

  $38,032,012

• Alternative Use

  Use

  Valuation

  Residential

  $42,622,404

  Hospitality

  $39,041,892

  Educational

  $32,482,396

  Medical

  $33,599,516

  Retail

  $50,528,172

Location Insight

City

Steger

County

Cook

State

Illinois

Latitude

41.4727

Longitude

-87.6355

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].